Goldman Sachs issued a research report assigning Baidu Group-SW (09888) a target price of HK$151 for its Hong Kong-listed shares and $155 for its US-listed shares (BIDU.US), while maintaining a "Buy" rating.

The report highlighted three key revenue drivers in Q3 2025: 1) Baidu AI Cloud Infrastructure revenue reached RMB 4.2 billion, up 33% year-on-year, with AI high-performance computing facility subscription revenue surging 128%. 2) AI application revenue totaled RMB 2.6 billion, a 6% increase, accounting for 25% of Baidu's AI business. 3) AI-native marketing services revenue grew 262% to RMB 2.8 billion, representing 18% of Baidu Core's online marketing revenue (up from 4% in Q3 2024).

Management emphasized that total shareholder returns (via buybacks and dividends) and visibility of future commitments remain key considerations when updating shareholder plans. The company believes Baidu holds significant potential for unlocking asset value and will prioritize critical projects as needed.